*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Worried about rising rates? Stressed about inventory? Concerned about rising house prices? Many of us may fall into one, or all of these categories. Hopefully this snapshot of an article can help ease your mind at least a little bit.
Today I want to talk about what we've been through over the last few months and what's happening as of the time I'm writing this article.
Unfortunately, rates are continuing to rise, and nobody is for sure on when that trend might come to a close. One thing that we can be sure of though, is that there will be a point at which rates will begin to fall once again. Don't let rates be the end all-be all for a reason to not buy a home. Refinancing to a lower rate is always an option, and house prices are falling back to regular prices.
Pricing on homes skyrocketed earlier this year, with homes being sold for thousands, and tens of thousands of dollars over asking price. The good news is that the price of homes is starting to take a turn for the better. They might still be somewhat high, but they are nowhere near where they once were, and they're currently trending downward to more appropriate pricing.
Lastly, inventory. There were times not long ago where finding a home under $600,000 seemed impossible. Thankfully, there is starting to be an uptick in the amount of homes in a more affordable price range for borrowers. Real Estate Agents are great to work with and can help you look for homes within your price range if you're interested. If you need a referral, please reach out and I'm happy to give you suggestions.
If there are any mortgage questions you have, or if you want to begin the process to find home financing, please give me a call. I'd love to help in any way I can.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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